Category: I B C

Insolvency and Bankruptcy Code, 2016 – Sections 7 and 12A – Real estate project – the Promoter has filed a specific undertaking specifying therein that the cost of the flat would not be escalated and that he would honour the BBA signed by the previous management – Promoter is permitted to complete the project as per the deliberations.

SUPREME COURT OF INDIA DIVISION BENCH ANAND MURTI — Appellant Vs. SONI INFRATECH PRIVATE LIMITED AND ANOTHER — Respondent ( Before : L. Nageswara Rao and B.R. Gavai, JJ. )…

IBC, 2016 – Applicability of Section 18 of the Limitation Act, 1963 – While applying Section 18 of the Limitation Act, even went to the extent of holding that an entry in the balance sheet of the company could also be treated as an acknowledgment in writing, subject however to any caveat found in the accompanying reports – Appeal allowed.

SUPREME COURT OF INDIA DIVISION BENCH SVG FASHIONS PRIVATE LIMTED (EARLIER KNOWN AS SVG FASHIONS LIMTED — Appellant Vs. RITU MURLI MANOHAR GOYAL AND ANOTHER — Respondent ( Before :…

HELD instead of relegating the original applicants to approach the NCLT/Adjudicating Authority by moving an application under Section 12A of the IBC – This is a fit case to exercise powers under Article 142 of the Constitution of India as the settlement arrived at between the home buyers and the appellant and corporate debtor –company shall be in the larger interest of the home buyers

SUPREME COURT OF INDIA DIVISION BENCH AMIT KATYAL — Appellant Vs. MEERA AHUJA AND OTHERS — Respondent ( Before : M.R. Shah and B.V. Nagarathna, JJ. ) Civil Appeal No.…

Amazon vs Reliance – Resumption of NCLT Proceedings – Single Judge of the Delhi High Court, to consider all the contentions raised by both the parties in this regard and pass appropriate order as to continuation of the NCLT proceedings beyond the stage mentioned at serial no. 8 and other regulatory approvals expeditiously, uninfluenced by any observations made herein.

SUPREME COURT OF INDIA FULL BENCH FUTURE COUPONS PRIVATE LIMITED AND OTHERS — Appellant Vs. AMAZON.COM NV INVESTMENT HOLDINGS LLC AND OTHERS — Respondent ( Before : N.V. Ramana, CJI,…

IBC – Word “such creditor” in Section 29A(h) has to be interpreted to mean similarly placed creditors after the application for insolvency application is admitted by the adjudicating authority. As a result, what is required to earn a disqualification under the said provision is a mere existence of a personal guarantee that stands invoked by a single creditor, notwithstanding the application being filed by any other creditor seeking initiation of insolvency resolution process.

SUPREME COURT OF INDIA DIVISION BENCH BANK OF BARODA AND ANOTHER — Appellant Vs. MBL INFRASTRUCTURES LIMITED AND OTHERS — Respondent ( Before : Sanjay Kishan Kaul and M.M. Sundresh,…

Insolvency and Bankruptcy Code, 2016 – Sections 30(2) and 61(3) – Dominant purpose of the IBC is revival of the Corporate Debtor and making it an on­going concern – ‘commercial wisdom’ of the CoC has been given paramount status without any judicial intervention, for ensuring completion of the processes within the timelines prescribed by the IBC –

SUPREME COURT OF INDIA DIVISION BENCH NGAITLANG DHAR — Appellant Vs. PANNA PRAGATI INFRASTRUCTURE PRIVATE LIMITED AND OTHERS — Respondent ( Before : L. Nageswara Rao and B.R. Gavai, JJ.…

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Temple Bye Laws — Oachira Parabrahma Temple — Ancient structure without a building or deity, governed by Bye-laws with three-tier elected committees — Appellants, elected Secretary and President, challenged two High Court orders (2020 and 2023) that removed their committee and appointed an unelected one under an Administrative Head, citing violations of the temple’s Bye-laws and customs —Legality of appointing an unelected committee and removing the elected one contrary to the temple’s Bye-laws — Petitioner argues that the High Court overstepped its jurisdiction and violated the temple’s governance structure by appointing an unelected committee and removing the elected one without proper legal basis — The High Court’s actions were necessary for the efficient administration of the temple until a scheme could be framed and new elections held — The Supreme Court modified the High Court orders, appointing a new retired Judge as Administrative Head to conduct fair elections within four months, while directing all parties to cooperate — The Court emphasized the need to preserve temple properties and governance as per established customs and laws — The Supreme Court struck down the High Court’s order appointing an unelected committee, appointed a new Administrative Head to conduct elections, and directed all parties to cooperate, emphasizing the importance of adhering to the temple’s established governance structure and Bye-laws.